HMRC using its levers to tighten up
Many taxpayers keep varying states of records and HMRC has an unwritten goal of making tax digital to improve the record-keeping of their customers.
The next stage is to encourage trade bodies to ensure their members tighten their procedures to not only record the information but to take the next step to confirm the information is not just factually correct but is legal.
We now have corporate offenses for failing to prevent the criminal facilitation of tax evasion.
Many companies are also now being asked to produce a risk assessment and procedures to demonstrate they are addressing prevent facilitation.
Professional advice is needed more than ever, far beyond just doing the books. Compliance has taken on a new meaning.
If you need help then be in touch – it is better to act now rather than be swept up in an HMRC dragnet.